US stocks fell from all-time highs yesterday despite positive corporate earnings results so far. US home prices soared the most in 15 years, as low mortgage rates and insufficient property inventory created a tight housing market. US consumer confidence rose sharply in April, reaching a February 2020 high, as people grew more confident about the economy and labour conditions. Positive market data is unlikely to shift the Fed’s view on monetary policy stance. The dollar gained ground, and the 10yr Treasury yield hovered below 1.60%. Elsewhere, Germany lifted its growth forecast to 3.5% in 2021 and believed in strong consumer spending once the pandemic is under control.
Metals markets were mostly higher today, with only aluminium down on the day. Copper extended the rally up to $9,965/t on the back of Biden’s infrastructure package; the metal closed at $9,855.50/t. Zinc struggled to gain a footing above the $2,940/t but closed higher on the day at $2,925.50/t. Nickel prices gained the most, with the market breaking above $16,900/t to close at $16,963/t; the spread tightened and settled at -$30.00/t. Lead was range-bound and closed higher on the day at $2,090/t. Aluminium was weaker today and failed above $2,400/t in the second half of the day, causing a close at $2,396/t.
Oil futures climbed after OPEC+ stated that it expects a strong long-term demand recovery. Meanwhile, an oil tank spilt oil into the sea near one of China’s key ports. WTI and Brent rose up to $62.25/bl and $65.81/bl. Precious metals were mixed, with gold edging lower to $1,778.25/oz, while silver is up to $26.37/oz.
All price data is from 27.04.2021 as of 17:30
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